Tabby, a prominent financial services and shopping application in the Middle East and North Africa , has successfully raised $160 million in a Series E funding round, elevating its valuation to $3.3 billion. This development positions Tabby as the most valuable fintech company in the region.
The funding round was led by existing investors Blue Pool Capital, a Hong Kong-based investment firm, and Saudi Arabia’s Hassana Investment Company, the investment arm of the General Organization for Social Insurance. Additional participation came from STV, a venture capital firm, and Wellington Management, a global investment management firm.
Since its previous funding round in late 2023, where it was valued at $1.5 billion, Tabby has more than doubled its valuation. The company has also nearly doubled its annualized transaction volume, surpassing $10 billion, while maintaining profitability. This growth is attributed to its expanding user base, which now exceeds 15 million registered users, and its network of over 40,000 global brands and small businesses, including partnerships with major retailers such as Amazon, Adidas, IKEA, H&M, Samsung, and Noon.
In addition to its core buy now, pay later services, Tabby has broadened its financial ecosystem. The company acquired Saudi-based digital wallet operator Tweeq, enhancing its digital payment capabilities. It also introduced the Tabby Card, enabling flexible payments beyond traditional checkouts, and launched Tabby Plus, a subscription-based program offering exclusive benefits to users.
The newly secured funds are intended to accelerate the development of Tabby’s suite of financial services, including digital spending accounts, payments, cards, and money management tools. This strategic expansion aligns with the company’s mission to create financial freedom in the way people shop, earn, and save, reshaping their relationship with money.
Hosam Arab, CEO and co-founder of Tabby, emphasized the significance of this investment, stating, “This investment allows us to accelerate our roll-out of products that make managing money simpler and more rewarding for our customers.”
The BNPL sector has experienced significant growth, particularly during the COVID-19 pandemic, as consumers increasingly turned to online shopping. However, regulators in regions such as the United Kingdom and the United States have cautioned consumers to understand the associated risks. In the MENA region, the BNPL market is projected to reach $90.42 billion by 2030, growing at a compound annual rate of nearly 35%.
Tabby’s rapid ascent in the fintech landscape has not gone unnoticed. The company is reportedly preparing for an initial public offering within the next 18 months and is in discussions with major financial institutions, including HSBC, JPMorgan, and Morgan Stanley, regarding a potential listing in Saudi Arabia.
Christopher Wu, Chief Investment Officer at Blue Pool Capital, expressed confidence in Tabby’s trajectory, noting, “Tabby has the capability to develop innovative products and stands out from other fintech companies due to its strong revenue growth and operational efficiency. We look forward to supporting Tabby in achieving its ambitious goals.”
